International Assets Investment Management LLC Purchases 1,190,407 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

International Assets Investment Management LLC boosted its stake in Automatic Data Processing, Inc. (NASDAQ:ADP) by 28,478.6% during the 3rd quarter, HoldingsChannel reports. The fund owned 1,194,587 shares of the business services provider’s stock after acquiring an additional 1,190,407 shares during the quarter. International Assets Investment Management LLC’s holdings in Automatic Data Processing were worth $3,305,780,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in ADP. BlueSpruce Investments LP bought a new stake in Automatic Data Processing in the 1st quarter valued at $365,757,000. Nordea Investment Management AB lifted its position in Automatic Data Processing by 27.7% during the 1st quarter. Nordea Investment Management AB now owns 2,715,382 shares of the business services provider’s stock worth $678,601,000 after buying an additional 589,831 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its position in Automatic Data Processing by 238.1% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 784,003 shares of the business services provider’s stock worth $195,797,000 after buying an additional 552,096 shares in the last quarter. Mackenzie Financial Corp lifted its position in Automatic Data Processing by 242.4% during the 2nd quarter. Mackenzie Financial Corp now owns 644,135 shares of the business services provider’s stock worth $153,749,000 after buying an additional 456,027 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its position in Automatic Data Processing by 12.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 4,065,308 shares of the business services provider’s stock worth $964,989,000 after buying an additional 435,093 shares in the last quarter. 80.03% of the stock is owned by institutional investors.

Automatic Data Processing Stock Down 0.4 %

Shares of NASDAQ ADP opened at $290.04 on Thursday. The stock has a market capitalization of $118.71 billion, a P/E ratio of 32.37, a P/E/G ratio of 3.13 and a beta of 0.79. The company has a 50-day moving average price of $278.40 and a 200-day moving average price of $257.89. Automatic Data Processing, Inc. has a 1 year low of $205.53 and a 1 year high of $294.18. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.01 and a quick ratio of 1.01.

Automatic Data Processing (NASDAQ:ADP) last released its earnings results on Wednesday, July 31st. The business services provider reported $2.09 earnings per share for the quarter, beating analysts’ consensus estimates of $2.06 by $0.03. The firm had revenue of $4.80 billion for the quarter, compared to analysts’ expectations of $4.74 billion. Automatic Data Processing had a net margin of 19.54% and a return on equity of 89.20%. The company’s quarterly revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.89 earnings per share. On average, equities research analysts forecast that Automatic Data Processing, Inc. will post 10.04 EPS for the current fiscal year.

Automatic Data Processing Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 13th were issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend was Friday, September 13th. Automatic Data Processing’s dividend payout ratio (DPR) is presently 62.50%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on ADP shares. Citigroup boosted their price objective on shares of Automatic Data Processing from $260.00 to $295.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 25th. Stifel Nicolaus boosted their price objective on shares of Automatic Data Processing from $271.00 to $287.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $267.00 price target on shares of Automatic Data Processing in a report on Thursday, August 1st. Bank of America increased their price objective on shares of Automatic Data Processing from $250.00 to $267.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Finally, StockNews.com cut shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Thursday, September 19th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $275.33.

Insider Buying and Selling

In other news, Director Carlos A. Rodriguez sold 9,203 shares of the stock in a transaction on Friday, September 6th. The shares were sold at an average price of $269.45, for a total value of $2,479,748.35. Following the transaction, the director now owns 36,741 shares of the company’s stock, valued at $9,899,862.45. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Automatic Data Processing news, Director Carlos A. Rodriguez sold 9,203 shares of the stock in a transaction on Friday, September 6th. The shares were sold at an average price of $269.45, for a total transaction of $2,479,748.35. Following the completion of the sale, the director now owns 36,741 shares of the company’s stock, valued at $9,899,862.45. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Michael A. Bonarti sold 26,442 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $270.96, for a total transaction of $7,164,724.32. Following the completion of the transaction, the vice president now owns 88,426 shares of the company’s stock, valued at $23,959,908.96. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 58,817 shares of company stock valued at $15,999,208. Company insiders own 0.26% of the company’s stock.

Automatic Data Processing Profile

Automatic Data Processing, Inc provides cloud-based human capital management solutions worldwide. It operates in two segments, Employer Services and Professional Employer Organization (PEO). The Employer Services segment offers strategic, cloud-based platforms, and human resources (HR) outsourcing solutions.